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EUROPEAN COMMISSION VP MARGRETHE VESTAGER SPEAKS DURING AN INTERVIEW WITH REUTERS IN BRUSSELS, BELGIUM, MARCH 28, 2022. REUTERS/JOHANNA GERON |
Margrethe Vestager, the European Union's competition commissioner known for her antitrust stance, worries about the dominance of tech giants in the metaverse.
Vestager said that regulatory scrutiny of digital markets has been escalating globally in the last three years.
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The metaverse, still an emerging tech sector, has drawn the attention of big tech players such as Facebook, Microsoft, and Google.
Facebook was renamed to Meta Platforms in late 2021, which has caused concerns about Meta's potential dominance of the industry.
According to Vestager, there's a much broader "political debate that digital markets need careful attention." I think all jurisdictions are moving forward in one form or another," Vestager said.
She said some antitrust enforcers were more advanced than others.
The European Union's Antitrust Chief said at a conference organized by Keystone Strategy that it is time to question "what healthy competition would look like in the metaverse."
Digital twins technology presents an opportunity for ransomware, phishing, and even cyber warfare, experts warn.
Jason Pittman, from the University of Maryland Global Campus in the School of Cybersecurity and Technology, predicted that the advent of "evil digital twins" used for cyberspace crime would come in 2023.
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Terrorist and organized crime groups could use the technology to deploy ransomware attacks, disseminate propaganda, and spread misinformation.
To protect against evil digital twins, the Pentagon is implementing a department-wide "zero-trust" cybersecurity architecture by 2027.
The framework demands strong identity and access management and mandates all users to be authenticated following each digital interaction.
In November 2022, the Department of Defence (DoD) officially laid out "The DoD Zero Trust Strategy," highlighting the technologies and cultural shifts required to safeguard its cyber networks.
A TEENAGE BOY USING VR HEADSET. UNSPLASH |
Two Democratic U.S. senators have written a letter to Meta to ask it to halt the release of the Horizon Worlds metaverse app to teenagers.
Senators Ed Markey and Richard Blumenthal raised concerns about Meta's failure to protect young users on its other applications, including Instagram and Messenger Kids, its kid-friendly version of Facebook Messenger.
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The senators also raised concerns about the negative impact of its Instagram service on young people's mental health.
According to an internal Meta study, one in five teenagers says Instagram has made them feel worse about themselves.
Harassment issues reportedly exist in VR domains and other internet spaces, raising concerns about other crimes.
Meta, the parent company of Facebook, has responded by saying that the company has restricted advertisers' options for reaching teens.
THE METAVERSE IS EMERGING AS A DIGITAL TWIN PLATFORM FOR ENTERPRISE, INCLUDING VIRTUAL FACTORIES AND AIRPORTS FOR TRAINING. PHOTO BY GORODENKOFF/ SHUTTERSTOCK |
A recent report by Bloomberg Intelligence (BI) revealed that the metaverse sector could be worth $615B by 2030.
The volume would primarily be driven by a tech giant such as Apple entering the market with a new mixed-reality headset, potentially reaching mass-market adoption.
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The report also implies demand for virtual 3D shopping and VR adoption for events and social media as catalysts for the metaverse sector growth.
Several firms, including DHL, Boeing, and Unilever, are testing metaverse benefits.
BMW is developing a digital twin of a factory.
The international policing agency (Interpol) is duplicating airports to teach their security teams.
The metaverse reportedly depends on reaching at least 50 million to 100 million users.
Mass-market headsets could produce more affordable versions and get more users into the industry.
VR hardware maker Pimax, which has its production facilities in China, has raised almost $30M in Series C1 funding led by Tuanmu Capital, a Beijing-based investment firm.
This funding came after a $20M Series B investment in 2020 and a $15M Series A in 2017.
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Pimax aims to use the funding to solidify its financial position for the introduction of its new VR devices, including the Pimax Crystal and Pimax Portal product lines.
The new round of funding will also be used to invest in R&D for Pimax's core competitiveness.
According to Pimax Founder Robin Weng, the funding allows the company to boost its "production capacity to meet the rapidly growing demand for our new VR products."
Even though Pimax was founded seven years ago and employs 300 staff worldwide, the company reportedly maintains its startup attitude.
Atlanta-based retailer The Home Depot is developing a metaverse experience on the Roblox virtual gaming platform that challenges kids to collect virtual materials to build projects.
The 'Virtual Kids Workshops' is the home improvement giant's debut in the metaverse.
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This metaverse offering is inspired by Home Depot's in-store Kids Workshops program.
Kids Workshops are held every first Saturday of the month and provide children with hands-on home improvement clinics.
Attendees wear the retailer's iconic orange aprons in a small size and build projects like birdhouses or bookends.
The Kids Workshops will offer unique codes to players to redeem in Redcliff City.
Various retailers use Roblox to offer metaverse experiences, including food service retailers Chipotle and Dave and Buster's.
Apparel retailers, including Pacsun, H&M, and specialty toy retailer Build-A-Bear, also use the virtual gaming platform